The Central Bank of Nigeria (CBN) has restated the need for adequate financial literacy as a desirable step towards wealth creation, improved incomes, improved living standard for millions of Nigerians, particularly those in the grassroots.
The apex bank’s Head, Consumer Education and Evaluation Division, Consumer Protection Department of the CBN, Lanre Gbadamosi, made this remark on Tuesday at the 2024 Global Money Week (GMW) Financial Literacy Fair with the theme: “Protect your money, Secure your future” held in Abuja.
The banker, who represented the Director, Consumer Protection Department at the event, explained that apex bank was concerned about the low level of financial literacy in the country, which currently is about 33% despite efforts by the bank and other partners to increase the level nationwide..
He identified financial literacy as a key component of financial empowerment of the people and inclusion rate, which rose to about 74% as at December 2023 from about 68% in 2020.
To address the poor financial literacy challenge in the country, Gbadamosi, who is also an Assistant Director in the department, disclosed that the apex bank was developing a monitoring and evaluation framework for financial literacy in the country with a view to providing an objective assessment of the CBN financial literacy initiative.
He linked the low level of financial literacy of many Nigerians to poor income level, vis-à-vis the rising poverty level in the country, which cannot be separated from consumer protection and financial inclusion.
He expatiated: “For Nigerians, achieving financial literacy is one of the sure ways to create wealth, ensure the people’s well-being, improved income level and standard of living.”
The banker also harped on the need to start early to cultivate in school children the culture of savings of income and knowledge of money by including financial literacy in the country’s national teaching and learning curriculum.
To achieve this end, Gbadamosi said the process of drafting a National Financial Literacy Policy curriculum for the country was currently at the final stage, pending the draft copy to be adopted and included in the school curriculum by October this year, starting from the next school session.
The 2024 Global Money Week Financial Literacy Fair was attended by students and teachers from select secondary schools in Abuja and environs as well as representatives of commercial banks and financial institutions in the country, including the Nigerian Deposit Insurance Commission (NDIC).
The programme was also replicated in the six geopolitical zones of the country in demonstration of the apex bank’s commitment to enhance financial literacy and deepen financial inclusion nationwide.
The 2024 Fair, which was the 12th edition, was a continuation of the annual global awareness–raising campaign aimed at educating young people on the importance of having the right knowledge, tools, attitudes, and behaviours necessary to make sound financial decisions and ultimately, achieve financial well–being for the future.
Participants in this year’s GMW Fair celebrations included secondary school children from the six geopolitical zones in the FCT and Lagos.
In addition to learning about the importance of differentiating between needs and wants, money management, fraud, and scam, as well as investing to guarantee a financially secure future, participants were exposed to a trip to the Nigerian Exchange Group in Lagos and the CBN’s currency museum in Abuja.
Globally, organisers of the Fair said the GMW campaign, which began in 2012, had so far reached over 60 million children in 176 countries.
